Factors and prospects of modernization of Russian regions development

The content and efficiency of implementation of modernization processes in the economic system are, on the one hand, determined by the potential of the system and on the other hand by the consumers’ demand for manufactured modernization products (services). The article identifies and analyzes the main macroeconomic indicators that determine the prospects for modernization reforms in the economy of the Russian regions. Taking into consideration the fact, that for most Russian regions the greatest potential of modernization in the implementation of the projects of import substitution lies in the sphere of agricultural production, the consumer preferences of the population regarding domestic and foreign food products are assessed. Conclusion on priority measures for improving the competitiveness of domestic production in the framework of implementation of non-raw materials model of development of the domestic economy is made.